Global-e Online Ltd. (Nasdaq: GLBE) the company that makes global
e-commerce border agnostic, today reported financial results for
the second quarter of 2021 as well as outlook for the third quarter
and full year 2021
“The record results we are publishing today for the second
quarter of 2021, together with the updated guidance for the third
quarter and full year, illustrate the continued momentum of our
business, as evident from both Gross Merchandise Value (GMV) and
revenues growing more than 90% year over year, improved
profitability and several key clients we launched with this
quarter”, said Amir Schlachet, Founder and CEO of Global-e. “In
parallel, we remain focused on executing across all our strategic
vectors, from geographical expansion, to adding additional features
and innovative capabilities, to expanding the network of strategic
partners in our ecosystem.”
Q2 2021 Financial
Results
- GMV in the second quarter of 2021 was
$326 million, an increase of 95% year over year
- Revenue in the second quarter of 2021
was $57.3 million, an increase of 92% year over year, of which
Service fees was $21.1 million and Fulfillment services revenue was
$36.2 million
- Gross margin in the second quarter of
2021 was 36.0%, an increase of 360 basis points from 32.4% in the
second quarter of 2020
- Adjusted EBITDA1 in the second quarter
of 2021 improved to $7.6 million compared to $3.1 million in the
second quarter of 2020
- Net loss was ($22.2) million, compared
to a net loss of ($0.4) million in the year-ago period. Net profit
excluding the Shopify warrants related amortization expense of
$25.5 million was $3.3 million
Q2 2021 Business
Highlights
- Outperformance across the business lines
- Service fees revenue grew by 104% and its share constituted 37%
of revenues; Fulfillment fees grew by 86%
- Continued accelerated growth of US-outbound
- Continuing the strong penetration to the US market, US outbound
revenues were up 131% year over year
- Continued to launch new merchants across our main geographies,
including both new merchants and continued ‘land and expand’
efforts. Notable examples include:
- During Q2 we launched Tag Heuer, Sephora and Rimowa which are
all part of the LVMH group, adding to our portfolio of LVMH
brands
- In the months following the launch, Tag Heuer added many more
destination markets to our platform
- The lingerie brand La Perla, which went live with us during the
first quarter of 2021, added many more destination markets during
the second quarter and also went live with La Perla Beauty, its
sister brand
- Continued progress on our expansion plans to new geographies,
with emphasis on Asia Pacific.
- Launched our first APAC-based merchant, Theory Hong Kong which
is part of the Fast Retailing group
- Opened a new office in Tokyo
- We continue to build capabilities and broaden our range of
value added services, with emphasis on capabilities that further
enhance our level of support for larger merchants and new
verticals, such as consumer electronics, which often require an
elaborate multi-local approach in order to optimize conversion
rates in key markets
- On track with the rollout of our newly established exclusive
strategic partnership with Shopify
- Continue signing up and going live with Shopify-based merchants
on an on-going basis
- Working together with Shopify on a new and deeper integration
of Global-e’s offering into the Shopify platform and checkout,
which is expected to be finalized later this year
Q3 and Full
Year Outlook
Global-e is introducing third quarter guidance and raising
previously issued guidance for the fiscal year as follows:
|
Q3 2021 |
|
Prior FY 21 |
|
Updated FY 2021 |
|
(in millions) |
GMV |
$328 - $338 |
|
$1,210 - $1,255 |
|
$1,350 - $1,370 |
Revenue |
$54.3 – $56.3 |
|
$209.0 – $213.5 |
|
$227.0 – $231.0 |
Adjusted EBITDA (1) |
$2.8 – $3.8 |
|
$16.2 - $18.2 |
|
$22.0 - $24.0 |
Given the uncertainty of the ongoing impact and unprecedented
conditions surrounding COVID-19 pandemic on business globally, we
will provide investors with updated business trends as they
evolve.
1 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP
Financial Measures” for additional information regarding this
metric, including the reconciliations to Operating Profit (Loss),
its most directly comparable GAAP financial measure. The Company is
unable to provide a reconciliation of Adjusted EBITDA to Operating
Profit (Loss), its most directly comparable GAAP financial measure,
on a forward-looking basis without unreasonable effort because
items that impact this GAAP financial measure are not within the
Company’s control and/or cannot be reasonably predicted. These
items may include, but are not limited to, share based compensation
expenses.Conference Call Information:
Global-e will host a conference call at 4:30 p.m. ET on Monday,
August 16, 2021.The call will be available, live, to interested
parties by dialing:
United States/Canada Toll Free: |
877-705-6003 |
International Toll: |
+1-201-493-6725 |
Conference ID: |
13722014 |
A live webcast will also be available in the Investor Relations
section of Global-E’s website at:
https://investors.global-e.com/news-events/events-presentations
Approximately two hours after completion of the live call, an
archived version of the webcast will be available on the Investor
Relations section of the Company’s web site and will remain
available for approximately 30 calendar days.
Non-GAAP Financial Measures
To supplement Global-e’s financial information presented in
accordance with generally accepted accounting principles in the
United States of America, or GAAP, Global-e considers certain
financial measures that are not prepared in accordance with GAAP,
including Adjusted EBITDA. Global-e defines Adjusted EBITDA as
operating profit (loss) adjusted for depreciation and amortization,
and stock-based compensation expense. Adjusted EBITDA is frequently
used by analysts, investors and other interested parties to
evaluate companies in our industry. We believe that Adjusted EBITDA
is an appropriate measure of operating performance because it
eliminates the impact of expenses that do not relate directly to
the performance of the underlying business.
Global-e uses Adjusted EBITDA in conjunction with GAAP measures
as part of Global-e’s overall assessment of its performance,
including the preparation of Global-e’s annual operating budget and
quarterly forecasts, to evaluate the effectiveness of Global-e’s
business strategies, and to communicate with Global-e’s board of
directors concerning its financial performance. Adjusted EBITDA is
a measure used by our management to understand and evaluate our
operating performance and trends. Adjusted EBITDA is a key
performance measure that Global-e’s management uses to assess its
operating performance and the operating leverage in Global-e’s
business.
Global-e’s definition of Adjusted EBITDA may differ from the
definition used by other companies and therefore comparability may
be limited. In addition, other companies may not publish this
metric or similar metrics. Furthermore, this metric has certain
limitations in that it does not include the impact of certain
expenses that are reflected in our consolidated statement of
operations that are necessary to run our business. Thus, Adjusted
EBITDA should be considered in addition to, not as substitutes for,
or in isolation from, measures prepared in accordance with
GAAP.
Global-e also uses Gross Merchandise Value (GMV) as a key
operating metric. Gross Merchandise Value or GMV is defined as the
combined amount we collect from the shopper and the merchant for
all components of a given transaction, including products, duties
and taxes and shipping.
For more information on the non-GAAP financial measures, please
see the reconciliation tables provided below. The accompanying
reconciliation tables have more details on the GAAP financial
measures that are most directly comparable to non-GAAP financial
measures and the related reconciliations between these financial
measures.
Cautionary Note Regarding Forward Looking
Statements
Certain statements in this press release may constitute
“forward-looking” statements and information, within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934, and the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995,
including statements regarding Global-e’s operations, strategy and
Global-e’s projected revenue and other future financial and
operational results. These forward-looking statements generally are
identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
announcement, including but not limited to, the ability to retain
merchants or the GMV generated by such merchants; the ability to
attract new merchants; our expectations regarding our revenue,
expenses and operations; anticipated trends and challenges in our
business and the markets in which we operate; our ability to
compete in our industry; our ability to anticipate merchant needs
or develop or acquire new functionality or enhance our existing
platform to meet those needs; our ability to manage our growth and
manage expansion into additional markets; our ability to establish
and protect intellectual property rights; our ability to hire and
retain key personnel; our expectations regarding the use of
proceeds from our initial public offering; our ability to adapt to
emerging or evolving regulatory developments, technological
changes, and cybersecurity needs; our anticipated cash needs and
our estimates regarding our capital requirements and our needs for
additional financing; and the other risks and uncertainties
described in Global-e’s prospectus filed with the Securities and
Exchange Commission (the "SEC") on May 13, 2021 and other documents
filed with or furnished by Global-e from time to time with the SEC.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors. These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. These statements
reflect management’s current expectations regarding future events
and operating performance and speak only as of the date of this
press release. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. Except
as required by applicable law, we undertake no obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise, after the
date on which the statements are made or to reflect the occurrence
of unanticipated events.
About Global-E Online Ltd.
Global-e’s mission is to make global e-commerce
“border-agnostic.” Global-e is the world's leading platform to
enable and accelerate global, direct-to-consumer cross-border
e-commerce. The chosen partner of more than 500 global brands and
retailers across the United States, Europe and Asia, Global-e makes
selling internationally as simple as selling domestically. Founded
in 2013 by Amir Schlachet, Shahar Tamari and Nir Debbi, the company
enables e-commerce retailers to increase the conversion of
international traffic into sales by offering online shoppers in
over 200 destinations worldwide a seamless, localized shopping
experience. Global-e's end-to-end e-commerce solutions combine
best-in-class localization capabilities, big-data best-practice
business intelligence models, streamlined international logistics
and vast cross-border experience, enabling international shoppers
to buy seamlessly online and retailers to sell from, and to,
anywhere in the world.
Investor Contact:Erica Mannion or Mike
FunariSapphire Investor Relations, LLCIR@global-e.com +1
617-542-6180
Press Contact:Headline MediaGarrett
KrivicichGlobale@headline.media +1
786-233-7684
|
|
Global-E Online Ltd.CONSOLIDATED BALANCE
SHEETS(In thousands) |
|
|
|
|
|
|
Period Ended |
|
|
|
December 31, |
|
June 30, |
|
|
2020 |
|
2021 |
|
|
(Audited) |
|
|
(Unaudited) |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
68,637 |
|
|
$ |
391,008 |
|
Short-term deposits |
|
|
6,457 |
|
|
|
78,370 |
|
Accounts receivable, net |
|
|
3,594 |
|
|
|
4,167 |
|
Prepaid expenses and other
current assets |
|
|
23,047 |
|
|
|
28,651 |
|
Marketable securities |
|
|
16,871 |
|
|
|
18,550 |
|
Funds receivable, including
cash in banks |
|
|
34,492 |
|
|
|
30,992 |
|
Total current assets |
|
|
153,098 |
|
|
|
551,738 |
|
Property and equipment,
net |
|
|
717 |
|
|
|
849 |
|
Operating lease right-of-use
assets |
|
|
4,160 |
|
|
|
3,570 |
|
Long term deposits |
|
|
2,223 |
|
|
|
2,272 |
|
Deferred contract acquisition
costs, noncurrent |
|
|
729 |
|
|
|
1,001 |
|
Other assets, noncurrent |
|
|
368 |
|
|
|
191 |
|
Commercial agreement
asset |
|
- |
|
|
|
184,234 |
|
Total long-term assets |
|
|
8,197 |
|
|
|
192,117 |
|
Total assets |
|
$ |
161,295 |
|
|
$ |
743,855 |
|
Liabilities,
Convertible Preferred Shares and
Shareholders’ (Deficit)
Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
19,057 |
|
|
$ |
19,051 |
|
Accrued expenses and other
current liabilities |
|
|
29,432 |
|
|
|
25,026 |
|
Funds payable to
Customers |
|
|
34,492 |
|
|
|
30,992 |
|
Short term operating lease
liabilities |
|
|
915 |
|
|
|
909 |
|
Total current liabilities |
|
|
83,896 |
|
|
|
75,978 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Deferred tax liabilities,
net |
|
|
105 |
|
|
|
124 |
|
Warrants liabilities to
preferred shares |
|
|
5,738 |
|
|
- |
|
Long term operating lease
liabilities |
|
|
3,513 |
|
|
|
2,891 |
|
Total liabilities |
|
$ |
93,252 |
|
|
$ |
78,993 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Convertible preferred
shares |
|
|
112,553 |
|
|
- |
|
Shareholders’ deficit: |
|
|
|
|
|
|
|
|
Share capital and additional
paid-in capital |
|
|
8,087 |
|
|
|
741,594 |
|
Accumulated comprehensive
income |
|
|
111 |
|
|
|
(51 |
) |
Accumulated deficit |
|
|
(52,708 |
) |
|
|
(76,681 |
) |
Total shareholders’ (deficit)
equity |
|
|
(44,510 |
) |
|
|
664,862 |
|
Total liabilities, convertible
preferred shares and shareholders’ (deficit) equity |
|
$ |
161,295 |
|
|
$ |
743,855 |
|
|
|
|
|
|
|
|
|
|
Global-E Online Ltd.CONSOLIDATED
STATEMENTS OF OPERATIONS(In thousands, except
share and per share data) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Revenue |
|
$ |
29,787 |
|
|
$ |
57,287 |
|
|
$ |
49,476 |
|
|
$ |
103,438 |
|
Cost of revenue |
|
|
20,122 |
|
|
|
36,687 |
|
|
|
34,029 |
|
|
|
67,471 |
|
Gross profit |
|
|
9,665 |
|
|
|
20,600 |
|
|
|
15,447 |
|
|
|
35,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
3,606 |
|
|
|
5,739 |
|
|
|
6,821 |
|
|
|
11,182 |
|
Sales and marketing |
|
|
1,924 |
|
|
|
30,017 |
|
|
|
3,776 |
|
|
|
33,117 |
|
General and
administrative |
|
|
2,683 |
|
|
|
4,337 |
|
|
|
3,960 |
|
|
|
7,051 |
|
Total operating expenses |
|
|
8,214 |
|
|
|
40,093 |
|
|
|
14,557 |
|
|
|
51,350 |
|
Operating profit (loss) |
|
|
1,451 |
|
|
|
(19,493 |
) |
|
|
890 |
|
|
|
(15,383 |
) |
Financial expenses, net |
|
|
1,847 |
|
|
|
2,420 |
|
|
|
2,549 |
|
|
|
8,129 |
|
Loss before income taxes |
|
|
(396 |
) |
|
|
(21,913 |
) |
|
|
(1,659 |
) |
|
|
(23,512 |
) |
Income taxes |
|
|
5 |
|
|
|
311 |
|
|
|
9 |
|
|
|
461 |
|
Net loss attributable to
ordinary shareholders |
|
$ |
(401 |
) |
|
$ |
(22,224 |
) |
|
$ |
(1,668 |
) |
|
$ |
(23,973 |
) |
Basic and diluted net loss per
share attributable to ordinary shareholders |
|
$ |
(0.02 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.44 |
) |
Basic and diluted weighted
average ordinary shares |
|
|
21,208,147 |
|
|
|
87,308,647 |
|
|
|
20,686,427 |
|
|
|
54,750,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global-E Online Ltd.CONSOLIDATED
STATEMENTS OF CASH FLOWS(In
thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
profit (loss) |
|
$ |
(401 |
) |
|
$ |
(22,224 |
) |
|
$ |
(1,668 |
) |
|
$ |
(23,973 |
) |
Adjustments to reconcile net profit (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
57 |
|
|
|
69 |
|
|
|
109 |
|
|
|
131 |
|
Share-based compensation expense |
|
|
1,600 |
|
|
|
1,551 |
|
|
|
1,686 |
|
|
|
2,618 |
|
Accounts receivable |
|
|
(578 |
) |
|
|
(1,530 |
) |
|
|
(227 |
) |
|
|
(573 |
) |
Prepaid expenses and other assets |
|
|
(3,114 |
) |
|
|
(7,561 |
) |
|
|
(3,201 |
) |
|
|
(5,432 |
) |
Funds receivable |
|
|
(3,732 |
) |
|
|
(7,452 |
) |
|
|
(2,359 |
) |
|
|
(9,520 |
) |
Long-term receivables |
|
|
- |
|
|
|
957 |
|
|
|
- |
|
|
- |
|
Funds payable to customers |
|
|
5,101 |
|
|
|
6,122 |
|
|
|
(2,841 |
) |
|
|
(3,500 |
) |
Operating lease ROU assets |
|
|
251 |
|
|
|
208 |
|
|
|
(3,200 |
) |
|
|
590 |
|
Deferred contract acquisition costs |
|
|
(107 |
) |
|
|
(184 |
) |
|
|
(181 |
) |
|
|
(374 |
) |
Accounts payable |
|
|
3,902 |
|
|
|
2,857 |
|
|
|
351 |
|
|
|
(6 |
) |
Accrued expenses and other liabilities |
|
|
5,252 |
|
|
|
7,163 |
|
|
|
3,088 |
|
|
|
(4,406 |
) |
Deferred tax liabilities |
|
|
- |
|
|
|
8 |
|
|
|
- |
|
|
|
19 |
|
Operating lease liabilities |
|
|
(207 |
) |
|
|
(163 |
) |
|
|
3,020 |
|
|
|
(628 |
) |
Warrants liabilities to preferred shares |
|
|
2,252 |
|
|
|
1,625 |
|
|
|
2,261 |
|
|
|
5,872 |
|
Commercial agreement asset |
|
- |
|
|
|
25,486 |
|
|
- |
|
|
|
25,486 |
|
Net cash used in operating activities |
|
|
10,276 |
|
|
|
6,932 |
|
|
|
(3,162 |
) |
|
|
(13,696 |
) |
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in long-term marketable securities |
|
|
- |
|
|
|
(508 |
) |
|
|
- |
|
|
|
(2,154 |
) |
Proceeds from marketable securities |
|
- |
|
|
|
257 |
|
|
- |
|
|
|
257 |
|
Purchases of short-term investments |
|
|
(2 |
) |
|
|
(64,360 |
) |
|
|
(52 |
) |
|
|
(71,913 |
) |
Purchases of long-term investments |
|
|
9 |
|
|
|
(31 |
) |
|
|
(198 |
) |
|
|
(49 |
) |
Purchases of property and equipment |
|
|
(53 |
) |
|
|
(149 |
) |
|
|
(209 |
) |
|
|
(263 |
) |
Net cash used in investing activities |
|
|
(46 |
) |
|
|
(64,791 |
) |
|
|
(459 |
) |
|
|
(74,122 |
) |
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of convertible preferred shares, net of
issuance costs |
|
|
58,821 |
|
|
- |
|
|
|
58,821 |
|
|
- |
|
Proceeds from issuance of Ordinary shares in IPO, net of issuance
costs |
|
- |
|
|
|
396,983 |
|
|
- |
|
|
|
396,983 |
|
Proceeds from exercise of share options |
|
|
282 |
|
|
|
20 |
|
|
|
440 |
|
|
|
173 |
|
Net cash provided by financing activities |
|
|
59,103 |
|
|
|
397,003 |
|
|
|
59,261 |
|
|
|
397,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
decrease in cash, cash equivalents, and restricted cash |
|
|
69,333 |
|
|
|
339,144 |
|
|
|
55,640 |
|
|
|
309,338 |
|
Cash and
cash equivalents and restricted cash—beginning of period |
|
|
6,676 |
|
|
|
55,227 |
|
|
|
20,369 |
|
|
|
85,033 |
|
Cash and
cash equivalents and restricted cash—end of period |
|
$ |
76,009 |
|
|
$ |
394,371 |
|
|
$ |
76,009 |
|
|
$ |
394,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global-E Online Ltd.SELECTED OTHER
DATA(In
thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Key performance
metrics |
|
|
|
|
|
|
Gross Merchandise Value |
|
|
167,008 |
|
|
|
|
|
|
|
326,231 |
|
|
|
|
|
|
|
281,447 |
|
|
|
|
|
|
|
592,786 |
|
|
|
|
|
Adjusted EBITDA (a) |
|
|
3,108 |
|
|
|
|
|
|
|
7,613 |
|
|
|
|
|
|
|
2,685 |
|
|
|
|
|
|
|
12,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by
Category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees |
|
|
10,345 |
|
|
|
35 |
% |
|
|
21,106 |
|
|
|
37 |
% |
|
|
17,299 |
|
|
|
35 |
% |
|
|
38,202 |
|
|
|
37 |
% |
Fulfillment services |
|
|
19,442 |
|
|
|
65 |
% |
|
|
36,181 |
|
|
|
63 |
% |
|
|
32,177 |
|
|
|
65 |
% |
|
|
65,236 |
|
|
|
63 |
% |
Total revenue |
|
$ |
29,787 |
|
|
|
100 |
% |
|
$ |
57,287 |
|
|
|
100 |
% |
|
$ |
49,476 |
|
|
|
100 |
% |
|
$ |
103,438 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by merchant
outbound region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom |
|
|
18,393 |
|
|
|
62 |
% |
|
|
27,706 |
|
|
|
48 |
% |
|
|
31,260 |
|
|
|
63 |
% |
|
|
49,250 |
|
|
|
48 |
% |
United States |
|
|
7,218 |
|
|
|
24 |
% |
|
|
16,638 |
|
|
|
29 |
% |
|
|
10,919 |
|
|
|
22 |
% |
|
|
29,845 |
|
|
|
29 |
% |
European Union |
|
|
3,913 |
|
|
|
13 |
% |
|
|
12,433 |
|
|
|
22 |
% |
|
|
6,899 |
|
|
|
14 |
% |
|
|
23,581 |
|
|
|
23 |
% |
Israel |
|
|
263 |
|
|
|
1 |
% |
|
|
243 |
|
|
|
0 |
% |
|
|
398 |
|
|
|
1 |
% |
|
|
494 |
|
|
|
0 |
% |
Other |
|
- |
|
|
- |
|
|
|
267 |
|
|
|
0 |
% |
|
- |
|
|
- |
|
|
|
268 |
|
|
|
0 |
% |
Total revenue |
|
$ |
29,787 |
|
|
|
100 |
% |
|
$ |
57,287 |
|
|
|
100 |
% |
|
$ |
49,476 |
|
|
|
100 |
% |
|
$ |
103,438 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See reconciliation to adjusted
EBITDA table |
Global-E Online Ltd.RECONCILIATION TO
ADJUSTED EBITDA(In thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Operating profit (loss) |
|
|
1,451 |
|
|
|
(19,493 |
) |
|
|
890 |
|
|
|
(15,383 |
) |
(1) Stock-based compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
3 |
|
|
|
19 |
|
|
|
4 |
|
|
|
39 |
|
Research and development |
|
|
171 |
|
|
|
222 |
|
|
|
205 |
|
|
|
444 |
|
Selling and marketing |
|
|
98 |
|
|
|
223 |
|
|
|
117 |
|
|
|
444 |
|
General and administrative |
|
|
1,328 |
|
|
|
1,087 |
|
|
|
1,360 |
|
|
|
1,691 |
|
Total stock-based compensation |
|
|
1,600 |
|
|
|
1,551 |
|
|
|
1,686 |
|
|
|
2,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Depreciation and amortization |
|
|
57 |
|
|
|
69 |
|
|
|
109 |
|
|
|
131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Commercial agreement asset amortization |
|
- |
|
|
|
25,486 |
|
|
- |
|
|
|
25,486 |
|
Adjusted
EBITDA |
|
|
3,108 |
|
|
|
7,613 |
|
|
|
2,685 |
|
|
|
12,852 |
|
Global E Online (NASDAQ:GLBE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Global E Online (NASDAQ:GLBE)
Historical Stock Chart
From Apr 2023 to Apr 2024